Is 2% below asking reasonable for a $1.1m new-build flat in New York?

L

lookTheRadar

Property investor
Established
I’ve narrowed my possible offer to $1,078,000, which raises a bigger question about how much risk to keep in the contract. The New York new-build flat is listed at $1,100,000, has been on the market for 65 days and has several items I would want updated. Similar nearby listings support the general range, but completed comparables are still scarce.

Is 2% below asking a reasonable place to start? I can include current financing proof and accommodate the seller on completion timing, but I do not want to trade away inspection, financing or appraisal protection simply to make the price look stronger. Would a concise explanation and a clear response deadline be enough, and how should I plan for a possible appraisal gap?
 
Two percent below is hardly an aggressive opening after 65 days. I’d submit the number without a long critique of the property: mention the available completed comparables, the updating required and your flexibility on timing. Include current financing proof and a clear response deadline. A tidy offer package will probably matter more than trying to justify every dollar.
 
What does “needs updating” mean in a new-build—cosmetic choices, unfinished items, or actual defects? Also, is this being sold directly as a new unit or is it a resale? Those answers affect whether I’d seek a price reduction, repair credit or completed work. Asking-price comparables are weak evidence, so I’d keep searching for completed sales rather than treating nearby listings as value.
 
I’d actually avoid pointing to the 65 days or listing everything that looks dated. That can sound like you’re telling the seller why nobody wants the flat. Offer $1,078,000, show that you can perform, and let the seller infer the rest. Before submitting, have your side ask whether price, closing timing or certainty matters most to them; flexibility only helps if it matches their motivation.
 
I wouldn’t waive inspection protection merely because it is described as new-build. The scope and wording need to suit the property and New York contract, so this is one to settle with the relevant local advisers. Likewise, “clean financing” doesn’t have to mean accepting unlimited deposit exposure if the loan or appraisal fails. Know exactly when the deposit becomes vulnerable before signing.
 
There may be room to negotiate the form rather than just the price. If the seller resists $1,078,000, compare a higher price with a repair credit against the true net cost to you. Credits can have financing implications, so confirm what is workable first.

I’d also decide your appraisal-gap limit now. Agreeing to cover any shortfall is very different from covering a defined amount, especially when completed comparables are scarce.
 
Amir’s point about seller motivation is useful, but I wouldn’t make the offer so bare that it looks arbitrary. One calm sentence—limited completed-sale evidence plus the cost of updating—is enough. Then attach financing proof, identify the flexible closing window, preserve the inspection and agreed financing/appraisal protections, and give a reasonable response deadline. That presents the 2% discount as considered rather than opportunistic.
 
Also decide your second move before sending the first. If they counter at asking, will you increase the price, request a credit, or hold firm? Set a ceiling that includes the updating cost and any appraisal gap you are willing to fund. The initial $22,000 difference is modest relative to the purchase price, but the combined exposure from repairs, appraisal and deposit terms may be much larger.
 
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